$3,495,000

Prime commercial opportunity to acquire the entire two-story, 8,068 SF office building at 701 Mutual Court in North Raleigh. The property combines immediate income from the fully leased first floor with substantial owner-user and value-add potential through completing and leasing up the vacant second floor. The building consists of… Read More two approximately 4,034 SF floors with spacious entry lobbies and elevator access to the second floor. Suite 100 encompasses the entire 4,034 SF first floor and is fully leased to Alpha Male Wellness, LLC. The initial lease term runs through July 20, 2030, with one additional 5-year renewal option. Current scheduled base rent is approximately $10,906.93/month, or $130,883.13 annually, with 3% annual rent escalations. In addition to base rent, the tenant is responsible for a 50% proportionate share of applicable taxes, insurance, and common area/property operating expenses, subject to annual reconciliation. The lease originally estimated these reimbursements at approximately $1,176.58/month. Suite 200 encompasses the entire 4,034 SF second floor and is vacant and ready for customization, offering an excellent opportunity for a new tenant, owner-user, or investor seeking additional rental income. The space is in vanilla-box condition. Remaining work includes sheetrock repairs and interior painting; completing the center conference room using existing steel studs; installing two full bathrooms; installing glass panels in several offices facing the waiting area; and completing HVAC ductwork and related components. The existing Suite 200 layout includes four large offices along the right side, a large open reception/waiting area at the front lobby entrance, a large conference room behind the waiting area, three additional offices along the left side, a centrally located break room, and designated space for two bathrooms in the rear center. Suite 200 was previously occupied by Union Bank. Bank use is prohibited until December 31, 2028. Excellent North Raleigh location just off Falls of Neuse Road and Strickland Road with convenient access to I-540 and major Triangle destinations. Approximately 1 mile to I-540, 9 miles to Downtown Raleigh, 12.6 miles to RDU International Airport, and 0.1 mile to Bent Tree Plaza for grocery, restaurants, retail, and services. GoRaleigh Route 2 bus service is located nearby at Falls of Neuse Road and Strickland Road. The surrounding corridor carries approximately 15,000 vehicles per day on Strickland Road and approximately 32,000 vehicles per day on Falls of Neuse Road near the intersection. Area demographics include approximately 68,972 residents and 31,015 households within a 3-mile radius, with a median home value of approximately $401,515 within a 2-mile radius. Wake County tax value for the entire building is $3,196,680. Parcel ID 1708908294. Zoned OX-4, Office Mixed Use, offering flexibility for professional office, medical, dental, health services, and other permitted commercial uses. Annual HOA dues are $2,500 for the entire building. Electricity averages approximately $1,073/month, and Wake County property taxes are approximately $27,878.24 annually. 701 Mutual Court offers existing income, built-in rental growth, and significant upside through occupancy or lease-up of the vacant second floor. Ideal for an investor, owner-user, or hybrid owner-user strategy in a high-growth North Raleigh and Research Triangle location. Schedule your showing today. Read Less

Courtesy of Gillooly & Associates Realty, Steve Gillooly, 919-612-9885

Listing Snapshot

Days Online

Last Updated

Sep 22, 2026

Property Type

Office

Square Ft.

8,068

Lot Size

1.79 Acres

Year Built

2016

MLS Number

10189819

30 Days Snapshot Of 27615

$247k

(avg) sold price

-100%

homes sold

(avg) days on market

Snapshot

Area Map

Additional Details

Building

Living Area: 8068, Building Area Total: 8068, Building Area Units: Square Feet, Building Features: Shared Utilities, Construction Materials: Asphalt, Brick, Concrete, Glass, Living Area Units: Square Feet, Structure Type: Office, Year Built: 2016

Property Access

Accessibility Features: Accessible Doors, Accessible Elevator Installed, Accessible Entrance, Road Frontage Type: City Street, Public Road, 5 Lane Road, Road Surface Type: Asphalt

Cooling

Cooling: Central Air, Cooling Included

Floors

Flooring: Concrete

Heating

Heating: Forced Air, Heating Included

Interior Features

Interior Features: Elevator

Lot

Lot Features: Cul-De-Sac, Landscaped, Near Public Transit, Paved, Lot Size Acres: 1.79, Lot Size Area: 1.79, Lot Size Dimensions: 397 x 40 x 165 x 436, Lot Size Square Feet: 77972.4, Lot Size Units: Acres, Parcel Number: 170820908294000 0214098

Property

Property Sub Type: Office, Zoning: OX-4, Number Of Buildings: 1

Roof

Roof: Membrane, Rubber

Taxes

Tax Annual Amount: 27878.24

Utilities

Utilities: Electricity Connected, Sewer Connected, Water Connected, Water Source: Public

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